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The differences between actuarial managers and audit managers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 6-8 years to become both an actuarial manager and an audit manager. Additionally, an audit manager has an average salary of $121,419, which is higher than the $75,827 average annual salary of an actuarial manager.
The top three skills for an actuarial manager include medicaid, financial analysis and financial results. The most important skills for an audit manager are CPA, internal audit, and audit reports.
| Actuarial Manager | Audit Manager | |
| Yearly salary | $75,827 | $121,419 |
| Hourly rate | $36.46 | $58.37 |
| Growth rate | 17% | 17% |
| Number of jobs | 59,285 | 70,168 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 75% |
| Average age | 46 | 46 |
| Years of experience | 8 | 8 |
Actuarial managers supervise all the actuary employees and the actuary department. They meet the clients and get to know the type of data and statistics they need. Besides reviewing the actuaries' performance and predictions and analysis accuracy, actuarial managers also prepare reports featuring all the information and ensure each data's accuracy before submission. Other duties performed by actuarial managers include meeting with company heads from time to time and updating them on matters relating to the actuarial figures.
An audit manager is responsible for the complete audit process of finances in an organization. They work for banks and report directly to the audit committee. Based on findings gathered, a financial institution can gain vision into their variance and overall performance. They are also responsible for scheduling audits, initiating departmental audits, consolidation, and analysis of audit reports, and reviewing accounting procedures. Moreover, part of their tasks is to create audit finding presentations to be presented to the audit committee. It requires a high amount of accountability to be an effective audit manager.
Actuarial managers and audit managers have different pay scales, as shown below.
| Actuarial Manager | Audit Manager | |
| Average salary | $75,827 | $121,419 |
| Salary range | Between $39,000 And $144,000 | Between $82,000 And $178,000 |
| Highest paying City | Bridgeport, CT | Portland, ME |
| Highest paying state | Connecticut | Maine |
| Best paying company | Prudential Financial | Meta |
| Best paying industry | Insurance | Manufacturing |
There are a few differences between an actuarial manager and an audit manager in terms of educational background:
| Actuarial Manager | Audit Manager | |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 75% |
| Most common major | Mathematics | Accounting |
| Most common college | University of Notre Dame | University of Pennsylvania |
Here are the differences between actuarial managers' and audit managers' demographics:
| Actuarial Manager | Audit Manager | |
| Average age | 46 | 46 |
| Gender ratio | Male, 65.2% Female, 34.8% | Male, 66.0% Female, 34.0% |
| Race ratio | Black or African American, 5.7% Unknown, 4.0% Hispanic or Latino, 10.2% Asian, 7.9% White, 71.9% American Indian and Alaska Native, 0.3% | Black or African American, 7.6% Unknown, 4.1% Hispanic or Latino, 14.5% Asian, 10.2% White, 63.2% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |